Give your team a heads up: The informational copies of the 2022 Form 5500, Form 5500-SF, IRS Form 5500-EZ and form instructions have been released by IRS, the Dept. of Labor’s (DOL) Employee Benefits Security Administration and the Pension Benefit Guaranty Corporation. They arrive just in time for the year-end financial condition, investments and operations […]
Since remote and hybrid work became normal for many companies, some workers are complaining that their employers should pay for work-from-home expenses, such as internet and electricity costs, printers and office supplies. A few employees are even suing their employers to recover what they’re spending on work-from-home expenses. Bank of America, Liberty Mutual Insurance, Oracle, […]
Since about 80% of all your company’s transactions go through A/P, if a totally paperless A/P department is one of your goals for 2023, robust controls to prevent waste and misuse of company funds will be essential. That’s because according to the U.S. Department of Commerce: 5% of all companies’ annual revenue is lost to […]
The U.S. Securities and Exchange Commission (SEC) is on track to finalize a rule mandating publicly traded companies report direct and indirect greenhouse gas emissions. The rule is part of the Biden administration’s goal of making Environmental, Social and Governance (ESG) practices mandatory. In addition, the Financial Accounting Standards Board (FASB) is considering putting out […]
Twelve years after Dodd-Frank became the law of the land, the feds are finalizing “clawback” rules that address recovery of erroneously awarded compensation. The Securities and Exchange Commission (SEC) is mandating that “national securities exchanges establish listing standards that would require listed issuers to adopt and comply with a compensation recovery [aka a clawback policy] […]
For many of your peers, the pandemic exposed areas of their financial systems that were out of date, especially when it came to month-end close. For example, research by Robert Half found almost seven out of 10 companies rely on spreadsheets to control financial close and cover any gaps in their reporting process (which are […]
Whether your year-end closing is this quarter or still months away, your Finance team needs a strategy for keeping stress low and productivity high while generating those annual balance sheets, profit and loss statements and cash flow statements in case there’s an external audit. Calculating the fiscal year’s business expenses, income, revenue, assets, investments, etc., […]
Good news: The feds are liable to scale back an accounting standard for commercial building leases that some business owners say may put them at a financial disadvantage with their competitors. The Financial Accounting Standards Board (FASB) may revise requirements under the 10-month-old Topic (or Accounting Standard Code) 842. Topic 842 mandates that business owners […]
Until now, there haven’t been any specific accounting rules for cryptocurrency assets you may have. After all, crypto economics can be volatile. The price of bitcoin fell from $47,816 in January to $19,557 this month, according to YCharts. After putting cryptocurrency accounting on its technical agenda earlier this year, the Financial Accounting Standards Board (FASB) […]
